On January 1, 2021, Paige Corporation purchased 100% of the outstanding stock of HomePage Company for $250,000 cash. The balances listed on the Worksheet are the balances immediately after the purchase. The fair market value of HomePage assets and liabilities on January 1, 2021 are as follows: Current Assets Land Buildings Equipment Current Liabilities $ 40,000 $ 50,000 $ 85,000 $ 50,000 $ (60,000) Step 1 - Prepare the Acquisition Date Fair-Value Allocation Schedule Debit Credit Step 2 - Prepare the Consolidation Entries Required at Acquisition Consolidation Entries: Step 3 - Complete the Consolidated Worksheet for January 1, 2021 Spreadsheet - Worksheet Balance Sheet- Janaury 1, Debit (Credit) 2021 Consolidation Entries Consolidated Balance Sheet Paige Homepage Debit JE Code Credit Current Assets 80,000 40,000 Investment Homepage 250,000 Land 50,000 20,000 Building 125,000 80,000 Equipment Goodwill Total Assets 140,000 60,000 645,000 200,000 Current Liabilities (75,000) (60,000) Paige Capital Stock (80,000) Paige Addl Paid in Cap (60,000) Paige Retained Earnings (430,000) Homepage Cap Stk (50,000) Homepage Addl PIC (20,000) Homepage - RE (70,000) Total Liabilities & OE (645,000) (200,000)